- Street: Obdacher Bundesstrasse 14
- City: Oberdorfl
- State: Wyoming
- Country: Austria
- Zip/Postal Code: 3281
How data analytics led to ransomware-linked money laundering bust
The Binance cryptocurrency exchange has explained how advances in data analytics helped it track down several money launderers associated with various cybercrimes, like the notorious Clop ransomware scam.
Ukrainian police announced the arrest of people and the takedown of infrastructure related to the ‘Clop’ransomware operation earlier this month.
Binance’s statement confirms that those arrested were cashing out and laundering funds, as opposed to being behind the creation of the ransomware.
The group – also known as FANCYCAT – had their fingers in several criminal scams including laundering money for dark web operators in addition to ransomware peddlers.
Follow the (digital) money
Analogous with drug dealers, Darkode Reborn – http://abetterisp.net/qtoa/index.php?qa=919&qa_1=the-place-can-you-find-free-darkode-reborn-resources the funds extracted from victims through criminal activity such as ransomware must be disguised before they can be safely spent in real life to get goods. That’s because any funds tied back again to criminal activity can end up being the target of forfeiture orders.
Even when money is in digital form there’s a need to launder it, with abusing exchanges being among the main techniques in play.
“Blockchain analysis shows a network of money launderers living inside macro exchanges which deposit and withdraw to one another to wash the money,” according to Binance, the Cayman Islands-domiciled crypto exchange.
11 toplam, 1 bugün